The Central Bank of Nigeria (CBN) has promised to broaden monetary tightening measures as part of overall economic stimulus to ensure stability in Nigeria’s economy. The Bank said its guided policy measures has resulted in inflation decline to 16.05 per cent, while the exchange rate has stabilised below ₦1,500/$ with minimal volatility, and external reserves now exceed $46 billion, providing over 10 months of import cover. Monetary policy adjustments are supporting lower lending rates as inflation continues to ease, the Bank reported. The the Deputy Governor, of the Bank, Ms. Emem Usoro, in address at the Seminar for Finance Correspondents and Business Editors, which opened in Lagos on November 20–21, 2025, recalled that when the Governor, Olayemi Cardoso management team assumed office two years ago, the macroeconomic environment was challenging.

Inflation was high, the naira was unstable due to forex scarcity, external reserves and oil receipts were low, and the economy faced significant FX backlogs and dependence on ways and means financing. These conditions stressed the financial system and highlighted the urgent need for reforms.

Represented by Mrs Hakama Sidi Ali, Ag. Director, Corporate Communications Department CBN, Usoro, said the theme of the engagement, “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” is timely, as it provides an opportunity for open discussions and recommendations that will enhance understanding of current government reforms and the collaboration needed to ensure positive outcomes for Nigerians.

She said the Apex Bank, guided by strong and transparent leadership, has implemented well-sequenced and compliance-driven measures, including orthodox monetary policies, strengthened corporate governance, and the ongoing bank recapitalisation programme. These actions, aligned with the Federal Government’s reform agenda, have helped restore stability and improve key macroeconomic indicators.

These achievements reflect the commitment of the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso and his team, and underscores the importance of the media in communicating the benefits and progress of reforms to the public. Effective communication strengthens public understanding and supports successful policy outcomes.

While progress has been made, more work is required to improve macroeconomic fundamentals and the standard of living for Nigerians.

This makes partnerships among policymakers, regulators, and the media even more important, she added.

BY BLAISE UDUNZE

Nigeria is undergoing one of the stormiest periods in the history of its post-independence. This is not because of global oil shock, recession, or political instability; it is because of a far prevalent and devastating threat of the incessant insecurity. These once emanated as isolated insurgent attacks have now evolved into a nationwide web of terrorism, banditry, mass abductions, militancy, separatist violence, and organized crime. The repeated attacks across the North-East, North-West, North-Central, and increasingly the South have created an environment where fear, uncertainty, and instability have become the daily reality for millions of Nigerians.

But beyond the tragic loss of lives and communities torn apart, insecurity is quietly becoming Nigeria’s most devastating economic burden. It is the silent dagger cutting into the country’s gross domestic product (GDP), sabotaging investments, crippling agriculture, eroding human capital, and dragging millions deeper into poverty.

Recent events illustrate the depth of the crisis. In one of the most alarming incidents in Nigeria’s history, 315 students and staff were abducted from St. Mary’s Catholic School in Papiri, Niger State and a figure surpassing the infamous 2014 Chibok kidnapping. The Christian Association of Nigeria confirmed that 303 students and 12 teachers were taken after a verification exercise, making it one of the worst mass abductions the country has ever witnessed.

Parents wept openly on camera. A distressed woman told the BBC that her nieces, aged six and 13, were among the abducted: “I just want them to come home.” All schools in Niger State were ordered to close afterward as a move that, while necessary for safety, further chokes already strained educational access.

This tragedy was not isolated. It was the third mass abduction in a single week. In Kebbi State, over 20 schoolgirls were kidnapped days earlier. A church attack in Kwara State left two dead and 38 abducted. The rapid succession of attacks forced President Bola Tinubu to cancel foreign trips, underscoring the gravity of the situation. These incidents reveal a terrifying truth that insecurity has become a pervasive national emergency, one that carries enormous economic, financial, human, and socio-economic costs.

Agriculture, which accounts for more than 25 percent of Nigeria’s GDP and employs over 60 percent of the workforce, is one of the worst-hit sectors. Across the North-West and North-Central, Nigeria’s food-producing zones, its farmers live in fear. Bandits ambush farmlands, burn crops, extort communities, and abduct farmers for ransom. Recent estimates suggest that over 200,000 farmers and rural inhabitants have been displaced, abandoning vast hectares of arable land. The Northern Governors Forum admits that up to 60 percent of farmlands in key agricultural states have either been abandoned or severely underutilized due to unrelenting attacks.

The consequences are severe, resulting in reduced food production, escalating food prices, declining rural income, worsened inflation, and deepening threats to national food security. Nigeria now faces the possibility of a major food crisis by 2026, as farmers in Niger, Nasarawa, Kaduna, and Kogi warn that high insecurity, rising input costs, and massive post-harvest losses are driving them away from agriculture entirely. The United Nations Food and Agriculture Organization (FAO) warned that about 34.7 million Nigerians could face severe food insecurity during the next lean season (June to August 2026) if timely and coordinated interventions are not implemented.

A Niger State rice farmer, Ibrahim Abdullahi, lamented: “The cost of fertiliser, pesticides, and fuel has tripled. Most of us are running into debt. If this continues, many will leave farming completely.” If farmers retreat en masse, hunger will deepen and Nigeria’s dependence on food imports will worsen.

Kidnapping for ransom has also evolved into one of Nigeria’s most lucrative criminal enterprises. SBM Intelligence reports that kidnapping has grown into a self-sustaining industry, no longer merely a symptom of weak security but a thriving criminal ecosystem. In the first half of 2021 alone, 2,371 people were kidnapped, an average of 13 per day. By 2024, the numbers had surged, with hundreds of kidnappings recorded within months. Ransoms worth billions of naira change hands monthly. These payouts drain household savings, wipe out small business capital, push families into debt, and funnel enormous sums into criminal networks that reinvest the proceeds in more sophisticated weaponry.

The wider economic effect is crippling. Families sell properties and liquidate businesses to rescue loved ones. Schooling, commerce, and inter-state travel are disrupted. Regional trade routes deteriorate. Investors, both local and foreign, flee high-risk zones. Entire communities slip deeper into poverty. Insecurity has dismantled the confidence required for investment, expansion, and long-term planning.

Business confidence in Nigeria has fallen sharply as insecurity spreads. Large corporations, manufacturing firms, logistics companies, agribusinesses, and multinationals now operate in fear. Many are either scaling down or completely exiting Nigeria. Factories operate on skeletal staff; supply chains are strained; transportation costs skyrocket; and insurance premiums become prohibitive.

Foreign Direct Investment has steadily declined over the past decade, while Nigerian investors increasingly relocate capital abroad. No investor thrives in fear, and no economy thrives without investment.

The human cost is even more devastating. Millions have been displaced, forcing entire communities to flee their homes, farms, and businesses. Displaced populations lose their homes, farms, schools, livelihoods, and community networks. Their absence from productive work reduces national output, shrinks tax revenue, and overwhelms urban centres already battling unemployment, rising crime, and overstressed public services. The theoretical perspective by Stewart (2004), which argues that insecurity destroys productive capacity by killing workers, damaging infrastructure, and displacing populations, finds painful validation in Nigeria’s current reality.

Nigeria’s insecurity is multidimensional and regionally distinct. In the North-East, Boko Haram and ISWAP continue to operate, exploiting porous borders and challenging state authority. In the North-West and North-Central, banditry and mass kidnapping have become entrenched. In the South-East, separatist-linked violence and illegal sit-at-home orders shut down economic activity weekly. In the South-South, oil theft, pipeline vandalism, and militancy drain billions in oil revenue. In the South-West, urban crime, ritual killings, and gang violence create pockets of insecurity that hinder business operations. Each zone suffers differently, but collectively, the threats cost Nigeria billions of dollars annually, hinder trade, restrict mobility, and erode state authority.

The financial implications of insecurity are staggering, far greater than many realize. Conservative estimates from security trackers, development agencies, and fiscal analysts indicate that Nigeria loses approximately $15 billion (N20 trillion) annually due to insecurity-induced disruptions in agriculture, trade, manufacturing, transportation, and extractive industries. These losses weaken GDP growth and deepen the country’s fiscal strain.

Meanwhile, Nigeria’s security spending has ballooned. Defence and security now consume between 20 and 25 percent of the federal budget annually. More than N4 trillion has been spent on security in the past three years alone, excluding off-budget defence allocations, special interventions, and state-level spending. The opportunity cost is devastating: every naira spent fighting endless waves of violence is a naira not spent on education, healthcare, infrastructure, power, water systems, or technological advancement. Insecurity is not just costing Nigeria money; it is robbing the nation of future development.

This prevalent violence deepens poverty and inequality. Businesses shut down, schools close, markets collapse, food becomes scarce, jobs disappear, and vulnerable groups, especially women and children, bear disproportionate hardship. Healthcare deteriorates, rural communities empty out, and social cohesion breaks down.

Transportation and logistics, which happen to be the backbone of commerce, are particularly affected. Nigeria’s highways are now labelled among the most dangerous in West Africa. Haulage firms require armed escorts. Farmers cannot safely transport produce to major markets. Supply chains are broken, pushing prices even higher. When transportation collapses, commerce collapses, and so does the economy.

Food insecurity is escalating rapidly. Banditry is blocking farms, fuel prices are rising, fertiliser costs have tripled, farmlands are abandoned, and post-harvest losses are mounting. A nation that cannot feed itself cannot grow its economy.

Nigeria cannot achieve sustainable economic growth without restoring order. The solutions must be comprehensive: modernizing security infrastructure with drones, satellite imaging, and digital surveillance; building a unified national intelligence framework; empowering local and community policing systems; addressing youth unemployment; strengthening judicial processes; securing borders; and rebuilding public trust through transparency and accountability.

Nigeria’s insecurity crisis is not merely a security challenge; it is an economic emergency. It drains national resources, scares away investors, cripple’s agriculture, destroys human capital, and sabotages the nation’s pursuit of sustainable development. Until Nigeria defeats insecurity decisively, all economic reforms will remain fragile.

No investor thrives in fear.

No farmer plants on a battlefield.

No child learns in captivity.

No economy grows in chaos.

Security is the foundation of development. Nigeria must rebuild that foundation now or risk watching its economic future slip further away.

Blaise, a journalist and PR professional, writes from Lagos, can be reached via: blaise.udunze@gmail.com

Amaka Obiefuna

Union Bank of Nigeria, one of Nigeria’s most trusted financial institutions, is excited to announce the launch of its new customer reward initiative designed to deepen engagement, drive premium account activity, and promote consistent savings behaviour among its customers.

Open to new and existing customers, the Save and Gain promo requires participants to open accounts, maintain and grow a monthly average balance of ₦50,000, complete at least five transactions monthly, and actively use digital channels such as cards, USSD, mobile, or internet banking.
Top deposit contributors will receive monthly rewards ranging from free debit cards, cash prizes of N50,000 and N100,000, respectively, within each level of participation. A special reward of ₦30,000 cash vouchers will be awarded to top depositors and contributors for December.

The grand prize of ₦5 million will be awarded to the highest average deposit contributors over the six-month campaign period.

The campaign builds on the success of the Save & Win Palli Promo, through which the bank has disbursed over ₦330 million in cash and prizes to more than 5,000 customers since 2021.

Unlike previous campaigns, Save & Gain demonstrates the bank’s focus on digital adoption and inclusion, with a performance-based reward system that prioritises transparency and consistency. Customers who reflect responsible account usage, maintain savings discipline, and embrace digital banking channels will be rewarded.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch. Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.

About Union Bank

Union Bank of Nigeria, which has undergone different phases of transformation, has been a cornerstone of the Nigerian banking sector since 1917. With a commitment to delivering simple, smart, and personalised financial services, the bank continues to support individuals, SMEs, and corporations in achieving their growth aspirations.
As part of its ongoing expansion plan, Union Bank recently acquired Titan Trust Bank, one of the newest entities in the Nigerian banking space, further boosting the bank’s branch network and customer base.

 The NNPC/Seplat Joint Venture commissioned and formally handed over a fully integrated Power System and Underground Cabling Project to the Nigerian Content Development and Monitoring Board (NCDMB) at the Nigerian Oil and Gas Industrial Parks Scheme (NOGAPS 1) in Odukpani, Cross River State.

Senior officials from the NNPC Upstream Investment Management Services (NUIMS), Seplat Energy Producing Nigeria Unlimited (SEPNU), and NCDMB, gathered for the ceremony, which marked the deivery of one of the most advanced power distribution systems built under the NOGAPS initiative.

In his remarks, the Managing Director of SEPNU, Mr. Oladotun Isiaka, represented by the company’s General Manager, Corporate Services, Mrs. Emoh Udobong-Ntia, said the project represents “a story of partnership, progress and shared commitment to sustainably grow the Nigerian hydrocarbon industry.”

He described the system as an advanced, multi-layered infrastructure designed for long-term industrial readiness. “This is not just a single power project. It is an enabling system comprising of multiple project layers including a modern switchgear building, 19 packaged substations, over 27 kilometres of medium-voltage cabling, SCADA-enabled smart power systems and synchronized backup generators, to guarantee uninterrupted operations,” he said.

He further emphasized that the success of the project demonstrates the NNPC/Seplat JV’s commitment to building local capacity, enhancing infrastructure reliability and empowering indigenous participation across Nigeria’s hydrocarbon value chain.

Representing the Executive Secretary of NCDMB, Felix Omatsola Ogbe, the Board’s Manager, Properties, Mr. Taridouye Gagariga, delivered the keynote address at the event.

He emphasized the strategic importance of power infrastructure and thanked SEPNU for the driving the project by introducing power to NOGAPS – “Power drives an economy, and we thank Seplat Energy for commissioning power to the park.”

He stated that the vision of NCDMB is “to create an enabling environment for growth which the NOGAPS visualizes.”

On the future of the initiative, he added: “This is not the end but just the beginning of more Joint Venture in achieving the vision the NCDMB has for the oil and gas park.”

He subsequently led the ribbon-cutting and plaque unveiling ceremony.

In his closing remarks, the Chief Upstream Investment Officer, NUIMS, Engr. Seyi Omotuwa, said the industrial park will create significant opportunities for local empowerment and development and help reduce Nigeria’s dependence on imported industrial components. He remarked that the underground power installation “brings the park closer to global standards,” adding that: “In this industry excellence is not optional and SEPNU’s work reinforces what partnership should look like.”

With today’s commissioning and handover, NOGAPS Odukpani moves closer to becoming a fully functional industrial hub—energizing local participation, attracting investment and reinforcing Nigeria’s competitive position in the oil and gas value chain.

The Nigerian Oil and Gas Park Scheme is a flagship initiative aimed at creating purpose-built industrial parks across the country to support in-country manufacturing for the oil and gas sector. The scheme promotes local capacity development, encourages technology transfer, and fosters sustainable industrial growth.